NEPTUNE, NJ—Weiss Realty has acquired 1800-1836 West Lake Avenue, Neptune, NJ for $8.6 million. The three-story, 48,492 square-foot office building, built in 2010, is located at the intersection of Route 35 and West Lake Avenue.
CBRE’s Capital Markets Debt and Structured Finance team of James Gunning, Donna Falzarano and Kyle Saviano arranged a $6 million permanent loan from Natixis of behalf of West Lake Neptune and West Lake Neptune 11 for the transaction.
Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty were the exclusive brokers and the Meyner and Landis law firm of Newark, NJ, represented the seller. Saverio Cereste of Fort Lee and William Schmidt of West Orange represented the buyer.
“With its proximity to Hackensack Meridian Health, Jersey Shore University Medical Center, we recognized the property’s strength and attractiveness located in the West Lake Avenue Re-development District,” says Jaime Weiss, president of Weiss Realty. “It represented a great buying opportunity as a strong asset in a key market. The property is ideally situated in a thriving medical office environment that has seen explosive growth over the past decade and we are clearly excited to be a property owner in Neptune Township.”
Tenants in the building include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy.